Economist calls for more investment in education, energy to attain PWC’s prediction

Chukwu, Chief Executive Officer, Cowry Asset Management, Lagos told the News Agency of Nigeria (NAN) in Lagos that the prediction was feasible, if priority was given to these sectors.

PWC, which is one of the world largest professional service firms ranked 32 countries by their projected gross domestic products (GDP) and their purchasing power parity (PPP) by 2030.

PPP is used by macro economists to determine productivity and standard of living among countries.

According to Chukwu, investing more in education will accelerate the required manpower that will increase productivity.

“Improvement in the budgetary allocation to the education sector is the way, especially in vocational or technical training, to change the current trajectory.

“More technical education is what we need because the country lacked technological advancement,” he said.

Chukwu, therefore, urged the government to fix the transportation sector to accelerate the country’s level of development.

“Priority in the modern railway system, as it is currently being done by the government, will change our story when completed.

“There should be quick expansion of the seaports to accommodate larger vessels and more investment in renewable energy across the country, to boost industrialisation.

“Massive investment in renewable energy and other energy sources will reposition the domestic economy and improve the gross domestic product of the country.

“Many young and innovative Nigerians will then be able to venture into manufacturing and create jobs and add value to the economy,” he added.